AML and KYC in modern banking

With increased scrutiny surrounding banking practices, it is becoming more testing to monitor activity. AML and KYC are being brought to the forefront in an operation to minimise risk to regulated firms.

Anti-money launderingWith increased scrutiny surrounding banking practices, it is becoming more testing to monitor activity, particularly in the online space. With this in mind, AML and KYC are being brought to the forefront in an operation to minimise risk to regulated firms.

Increased focus and penalties for non-compliance by regulators are forcing firms to increase their systems and controls. This has become noticeable in the current financial recruitment market, as new projects seemingly require niche skillsets to tackle this change and review past transactions.

Anti-Money Laundering (AML)

Since the FCA introduced the Money Laundering Regulations in 2007, all companies have had to include structured processes and systems to tackle money laundering. This has led to up-skilling requirements by all firms involved. The approaches our various clients have taken range from bringing in experienced individuals from similar firms on an interim or permanent basis, to the use of the specialist professional service firms known for their work in this area of financial crime.

Know Your Customer (KYC)

KYC rules ensure firms break down their knowledge of their client base when transacting with them. Advisors are then recommended to use this information when providing the client with advice; be it full, focused or execution only.

AML and KYC are often amalgamated into one larger concept, to be tackled parallel to each other. At Grovelands we have seen an increased demand for skilled candidates who are experienced in utilising the systems and processes involved in highlighting these adverse activities, particularly in the contract market.

If you are an AML/KYC specialist and are keen to learn of the opportunities currently available, or a client with a need for people with this skillset, please feel free to contact us on 01273 651 500.

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